Hapco Philadelphia continues to push back against claims from tenant advocates that Philly rents are too high.
Our friends at RentCafe.com compile monthly statistics on the national rental market and where Philadelphia fits in. Their October report looks at cities that attracted the most interest from apartment hunters. For this report, they analyzed website traffic data for listings in the country’s largest 150 cities, shedding light on renters’ intentions and preferences.
Philadelphia has gained momentum over the past month, climbing 3 positions in the RentCafe ranking to the 20th spot among the most sought-after cities by renters. The City of Brotherly Love has maintained its popularity as a rental destination throughout the year, consistently ranking in the top 30, even after the peak rental season.
Here’s why:
- Apartment hunters saved 74% more personalized searches compared to the same time last year, demonstrating a clear intent to move to the city. This marks the 6th highest increase for this metric among all cities analyzed.
- Listing views from renters actively seeking homes in the city rose by 66% compared to last October. Plus, apartment hunters added 60% more apartments to their favorites list.
- The growing demand resulted in a 17% drop in available listings year-over-year.
- Where’s the demand coming from? Apart from renters in Philadelphia, the primary cities contributing to the rental activity in the City of Brotherly Love are New York City, Washington, D.C., and Boston.
- In the regional ranking, Philadelphia clinched 4th place, trailing behind Queens, the Bronx, and Buffalo. Queens, NY, takes the top spot as the most sought-after location for renters in October, while Buffalo, NY, is the highest-ranking newcomer in this edition, surging 70 places and lowering Philadelphia’s position in the regional ranking.